| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Good |
| Demographics | 17th | Poor |
| Amenities | 100th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 243 Echo Pl, Bronx, NY, 10457, US |
| Region / Metro | Bronx |
| Year of Construction | 1994 |
| Units | 119 |
| Transaction Date | 1994-09-29 |
| Transaction Price | $59,500 |
| Buyer | CONCOURSE GARDENS HSNG DEVELOPMENT FUND |
| Seller | THE CITY OF NEW YORK |
243 Echo Pl Bronx 119-Unit Multifamily Investment
Neighborhood occupancy remains strong and renter demand is deep, according to WDSuite’s CRE market data, supporting stable operations for a 1995-vintage asset in the Bronx Urban Core. Elevated ownership costs in the area tend to sustain reliance on multifamily rentals, though careful lease management is important where rent-to-income ratios run high.
Situated in the Bronx Urban Core, the property benefits from dense, amenity-rich surroundings. Neighborhood-level data indicate extensive everyday conveniences with high concentrations of groceries, pharmacies, cafes, restaurants, and parks, which supports renter retention and day-to-day livability for workforce households. School ratings in the area trend below national norms, which investors may weigh when positioning for family-oriented leasing.
Occupancy in the neighborhood is above national norms and has edged up over the past five years, reinforcing a foundation for leasing stability. The share of housing units that are renter-occupied ranks among the highest across 889 New York–area neighborhoods, signaling a deep tenant base and consistent multifamily demand. At the same time, net operating income per unit trends near the national mid-range, suggesting fundamentals that are competitive but require active asset management to capture upside.
Within a 3-mile radius, recent trends show a modest dip in population but an increase in total households, pointing to smaller household sizes and a broader pool of potential renters. Looking ahead, forecasts call for additional household growth, which can expand the tenant base and support occupancy. Median contract rents in the vicinity have risen in recent years, and with a high-cost ownership market locally, rental options remain a primary housing pathway—supporting lease-up and renewal prospects.
Relative to the metro, the neighborhood earns a B rating and ranks above the metro median (398 out of 889), making it competitive among New York–area neighborhoods. The property’s 1995 construction is newer than the area’s older average vintage, which may provide an operating edge versus prewar product while still leaving room for systems updates or targeted renovations to meet current renter expectations.
Safety indicators for the neighborhood compare weaker than many New York–area peers (ranked 366 out of 889 metro neighborhoods), and national comparisons also trend below average. However, recent data show year-over-year declines in both violent and property offenses, a constructive direction investors can monitor for persistence.
For underwriting, a balanced approach is prudent: leverage the amenity density and renter depth to support leasing, while aligning security measures, lighting, and community engagement with local expectations. Trend direction is improving, but investors should benchmark performance against submarket peers and revisit assumptions as new data become available.
Proximity to Midtown employment hubs supports commuter convenience and renter retention, with a mix of IT services, media, hospitality, and apparel headquarters within 7 miles. The employers below reflect the nearby white-collar base that can underpin stabilized demand.
- Cognizant — IT services (5.6 miles)
- Cognizant Technology Solutions — IT consulting (5.6 miles) — HQ
- Disney ABC Television Group — media & entertainment (6.6 miles)
- Loews — hospitality (6.8 miles) — HQ
- Ralph Lauren — apparel (6.9 miles) — HQ
This 119-unit property, built in 1995, competes against an older neighborhood inventory, offering relative advantage on building systems and layouts while leaving room for value-add upgrades. Based on CRE market data from WDSuite, neighborhood occupancy is elevated and has trended modestly higher, supported by one of the metro’s highest renter-occupied housing shares and dense amenity access—factors that contribute to leasing stability.
Investor considerations include a high-cost ownership landscape that reinforces reliance on rentals and supports pricing power, balanced against renter affordability pressure and below-average school ratings. Within a 3-mile radius, households have increased even as population edged down, indicating smaller household sizes and a potentially broader renter pool; forward projections point to additional household growth, which can support long-run demand if safety trends continue improving.
- 1995 vintage versus older local stock offers competitive positioning with targeted modernization potential
- Elevated neighborhood occupancy and deep renter base support leasing stability and retention
- Amenity-dense Urban Core location underpins day-to-day livability and renewal prospects
- High-cost ownership market sustains rental demand and potential pricing power
- Risks: affordability pressure, safety metrics below national norms, and weaker school ratings requiring disciplined lease and capex strategy